On 18 January, a Grant Agreement was signed for the technical support for the preparation of the legal framework of Islamic Finance in Azerbaijan. The agreement was signed between the Azerbaijani government and the Islamic Development Bank.
From the Azerbaijani side the document was signed by the Minister of Economy Shahin Mustafayev, and from the IDB - Vice President Saied Agha. The Ministry did not disclose the amount of the grant.
The parties came to an agreement on the analysis of the current situation in Azerbaijan in the banking sector, considering the use of Islamic banking, as well as the preparation of relevant proposals.
To date, the IDB has invested in Azerbaijan about 1 billion US dollars within 18 projects. Fourteen projects in agriculture, energy, transport, social services and water supply have been completed. Implementation of four projects continues. – 08B--
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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